oboloo Glossary

Business Write Off Categories

oboloo Glossary

Business Write Off Categories

A business write off category is a categorization of expenses in a given accounting period that allows businesses to reduce their taxable income. When an expense is written off, it is subtracted from a company’s revenues, resulting in lower taxes and increased cash flow. Examples of business write off categories include advertising and marketing, equipment and supplies, insurance, travel, and wages. By strategically tracking and categorizing business expenses, businesses can ensure that they are taking advantage of all allowable deductions to maximize their profitability.